TO: Mayor John Laesch
FROM: Stacey L. Peterson, Chief Financial Officer/City Treasurer
Linda B. Read, Comptroller/Deputy Treasurer
DATE: July 27, 206
SUBJECT:title
Acceptance of the 2025 Annual Financial Reports for the City, TIF Funds and Single Audit.
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PURPOSE:
The City of Aurora completes several annual financial reports that must be accepted and placed on file by the City Council. Attached are sixteen (15) reports as follows:
The 2025 Annual Comprehensive Financial Report (ACFR), the 2025 Tax Increment Finance reports for TIFs 1,3,4,5,6,7, 8, 9, 10, 11, 12, 13 and 15, and the 2025 Single Audit for Federal Grants received.
BACKGROUND:
Each year the City is required to complete various financial reports, and these reports are audited by our independent auditor Sikich LLP. These reports are as follows:
The 2025 Annual Comprehensive Financial Report (ACFR) - This report provides a complete review of the status of the City of Aurora finances as of and for the year ended December 31, 2025. It also provides historical data on a variety of revenues, expenses, and financing activities as well as relevant statistical information.
The 2025 Tax Increment Financing (TIF) District financial reports - These reports provide a report on compliance with Public Act 85-1142 for each TIF District for 2025.
The 2025 Single Audit - This report provides a compliance review in accordance with the federal OMB Compliance Supplement for the City's federal grant programs.
DISCUSSION:
Sikich LLP has provided the City with an unqualified opinion regarding the 2025 ACFR, meaning the City has fairly stated its financial position in the audit reports. Specific recommendations regarding financial operations will be discussed by the Auditor with the Finance Committee, and these recommendations are included in the Board Communications.
IMPACT STATEMENT:
Completion of the ACFR each year is required under state statute in Illinois and completion of an ACFR and a Single Audit Re...
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